Advice Please: Going to uni this year, owe around 8k on a FR Loan

leeroybrownforshort

As the title suggests, I'm heading off to university this year and have just over £8,000 owing on a fixed rate loan.

I intent to make as many extra payments as are possible throughout the year, but it's still going to leave a large amount outstanding in September when I leave my job.

Is there anything I can do to suspend payments? Or possibly reduce the payments to a token amount so show I'm willing to make some payment?

Any help or advice is much appreciated.

Voyager2002

Contact the lender and see what they say.

Once you are a student with a low income, if you were to default and get taken to court then the court would order you to make a payment that you could afford: and if you had a really low income then it would probably be a token payment. However, this would blow your credit rating to smithereens. And since students with a good credit rating can benefit from student accounts with interest-free overdrafts, being a "bad boy" to this lender might not be a very good move.

Even if you contact them directly and agree reduced payments, your credit rating will still suffer damage.